I am in the process of mortgaging my house in Wokingham, does my lawyer have to be on the Coventry BS Conveyancing panel?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Wokingham is the location of the property. Is there any guidance you can give?
Flying freeholds in Wokingham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wokingham you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wokingham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be suspicious that estate agents that I am dealing with are recommending a web based conveyancing firm rather than a High Street Wokingham conveyancing practice?
As with lots of professional services, often referrals from connections can be most helpful. But there are lots of people with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders might all recommend solicitors to use. Sometimes the lawyers might be known to one of the organisations as being good in their field, but sometimes there exists a financial incentive behind the recommendation. You are free to select your preferred conveyancer. You need to be aware that some lenders specify a panel list of law firms you are obliged to use for the mortgage related work in your house move.
I am on look out for some leasehold conveyancing in Wokingham. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Wokingham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Wokingham Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Is the freehold reversion owned jointly by the leaseholders? Its a good idea to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to practical issues such as the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with them. On a final note, be sure you know the dates that the maintenance charges are due to the relevant party and precisely what it includes. What restrictions exist in the Wokingham Lease?
My husband and I are purchasing a ground floor flat in Wokingham. At the time of instructing our conveyancing practitioner, they said that they were on all mainstream mortgage company panels. The mortgage broker contacted us yesterday to advise that they are not on the Clydesdale approved list. Were it to be true, what should we do? Should we simply choose a different property lawyer that is on their panel or should we cover the costs for separate representation, with Clydesdale selecting their own approved conveyancer.
When buying a property with mortgage finance it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to satisfy. Some building societies now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact Clydesdale to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Clydesdale's conveyancing panel as you are at liberty to use your preferred Wokingham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another property lawyer into the mix.